LPL Insurance

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Nov 7, 2007 9:00 pm

Just wondering if anyone had an impressions about the rates LPL rolled out on their new group health insurance?  They seem really high...on almost every option....from what I can tell.  After doing some checking with other insurance companies on their rates my family would get lower rates with a few of them by just applying on an individual basis........subject to underwriting, etc.

Nov 7, 2007 11:27 pm

Yeah, if your family is relatively healthy, you're probably better off on your own.  Group policies like LPL is rolling out are better for folks who would otherwise struggle to get an individual policy.

Nov 9, 2007 12:10 pm

Yeah I am a little disapointed in the rates.

But like someone mentioned on another forum here at least they are trying.
At this point it looks like I am staying with my indivual plan.
Nov 9, 2007 12:24 pm

Anyone care to share the premium information here? Thanks.

Nov 9, 2007 2:07 pm

Mine for a family of three (me, wife & child) was from $470/month to $740/month for plans ranging from HSA's to full coverage with low deductibles...can't remember, but I think the most expensive plan had a $500 deductible.

Nov 9, 2007 9:54 pm

It would take too long to list all the plans because there are 9 options.  Kudos for LPL in giving employees a big range of choices.  Everything from low deduc. PPOs to HSAs for $500/month.


Basically what I consider the best coverage, a PPO with a $500 ded for Indiv and I think $1500 for family is $800/month.  They lowered the rates a few days ago, the rate on the above plan before they lowered it was like $970/mo.  I still think that rate is high considering how much interest LPL said they had in the plan.  I was told 16,000 folks, to include family members, showed an "interest."
 
Basically top of the line $800 for empl., spouse, and fam.......all the way down to $500 for empl., spouse, and fam.  Also, these rates vary by your locale...kinda odd for a group rate, but typically when you call in they ask for you home zip code and work zip code to compare and see which rate is lower.
 
 
Nov 9, 2007 11:48 pm

Thanks for the info. I will add my perspective for anyone who cares. AGE's Blue Cross Select Care plan (which I believe is comparable to what has been described as LPL "top of the line", $500 ded. year per person, $1500 max, (AGE's Blue Cross actually has deductibles of $700/yr.person)) has premiums of @$875/mo for empl. spouse & children, of which AGE covers about $660. It sounds to me like the LPL plan is very attractive, cost-wise, compared to a plan that is considered quite good in the industry.

Nov 10, 2007 11:01 am
Yea since they have dropped the rates it has become more attractive.  At first, when I called they quoted me $980 for the PPO (AGE BlueCross PPOequivalent  ).  I understand they received a number of complaints and went back to the insurance co and got the rates adjusted.  
 
Their dental is cheaper than AGE, but in all honesty AGE's dental plan sucked.  I have the top of line dental and pay   $130month.  My wife needed an implant and the plan covers ZERO...and I mean ZERO for any sort of implants.  My kid went and had 2 small fillings and it cost me $180 (although they used some gas and that is not covered).   DAMN...as I type this maybe the women in my family should brush their teeth!!  HA HA HA
 
AGE's vision plan seems pretty reasonable to me, but have not compared that to LPLs proposed plan......yet!   :)
Nov 10, 2007 11:03 am

I accidently put this thread in CLIENTS..should have been in WHATS UP AT FIRMS..

can someone move this?????
Nov 12, 2007 8:32 pm

The one benefit I thought was low on the LPL plan is the lifetime maximum benefit of $2MM. Isn't this figure way low compared to other plans (e.g. AGE's has unlimited lifetime maximum)? I would have hoped they at least made the maxium $5MM.

Nov 13, 2007 10:03 pm

For those of you who are not familiar with HSA's, you should be.  When you compare the premiums to a traditional PPO they are a "no brainer".  I have coverage for five (myself, spouse & 3 kids) and the QUARTERLY premium is $569!  The annual deductible is $5600, after which the coverage is 100%.  I also then contribute up to $5600 on a tax deductible basis to my HSA account.  The benefits for a business owner of these HSAs are tremendous.

Dec 2, 2007 8:40 pm

Gone,
 That is insanely low cost insurance. Care to name your carrier? By way of comparison, LPL's best HSA for employee, spouse & children carries $723 MONTHLY premiums and total out of pocket max of $5000. Thanks.

Dec 6, 2007 10:06 pm
YHWY:

Gone,
 That is insanely low cost insurance. Care to name your carrier? By way of comparison, LPL's best HSA for employee, spouse & children carries $723 MONTHLY premiums and total out of pocket max of $5000. Thanks.

 
The carrier is Golden Rule (a UnitedHealthcare company).  LPL needs to shop that HSA.  That is an incredibly high monthly premium for an HSA.  I just checked www.ehealthinsurance.com and came up with a few HSA plans with monthly premiums of $200-$250 for my family of five (deductible of $5600/yr)
Dec 7, 2007 12:08 pm

Thanks much, Gone! That's valuable info. Have a great weekend!

Dec 23, 2007 1:53 am

I wasn't impressed with the rates at all and am keeping my current PPO the others in my office aren't switching either

Dec 23, 2007 5:03 pm
DodgerDraftpick:

I wasn't impressed with the rates at all and am keeping my current PPO the others in my office aren't switching either

 
That's fine.  I am not on this site to sell HSA plans.  I simply offered up the info as an alternative to high premium plans.  For the self employed (and if you are fortunate to have a healthy family) I can't imagine how someone wouldn't opt for the HSA plans given the low premiums and huge tax advantages.   
Dec 23, 2007 5:19 pm

I wasn't saying don't do a HSA I was just saying that for my teams situation it isn't really the best right now. I will  however  say that we are all single so not having a family to worry about is nice in this instance.

May 15, 2008 5:40 pm

The lifetime max is low in the group plans through LPL.  Rarely is it something to be concerned about, but it really made me pause before switching form my individual policy to the group. To cover me alone it was cost effective, when I added my wife and child, it was just outrageous.  Will probably shop it once a year just like my other P&C coverages.

May 16, 2008 1:44 pm

I have the HD healthplan at Jones, and I pay like $172 per month (family).  I also max the HSA at like $5400 or something.  Deductible for family 5000, or 2500/pp.  After that, it's 100% coverage.  When you add it all up, it's a sweet deal.  Great tax benefits, as the premium and HSA contribution is deductible.  I am basically using the HSA as a way to plow another $450 a month into a backdoor ROTH IRA.  I never take the money out.

May 20, 2008 12:22 am
Broker24:

I have the HD healthplan at Jones, and I pay like $172 per month (family).  I also max the HSA at like $5400 or something.  Deductible for family 5000, or 2500/pp.  After that, it's 100% coverage.  When you add it all up, it's a sweet deal.  Great tax benefits, as the premium and HSA contribution is deductible.  I am basically using the HSA as a way to plow another $450 a month into a backdoor ROTH IRA.  I never take the money out.

When I left that plan was $348 a month, are they still paying part of yours?